We have many boxes in the path of destruction. The owners are my friends, their losses are massive and my heart is heavy. The reality of “acts of God” from an insurance perspective is almost as unfathomable as back to back hurricanes. Unless box owners have separate policies for flooding and earthquakes–the damage is not covered.
Seems crazy right? Not if you do the math. Underwriters would never be able to absorb the millions and billions of unpredictable damage that an act of God brings. If you want the extra coverage, it comes at a high cost due to the potential pay outs in high-risk zones. The hard part of this business is explaining that the high cost is not paid to Affiliate Guard, it’s paid to the underwriters who pay out to cover the damage.
And there’s several levels of coverage. There’s the building, then there’s contents of the building and let’s not forget loss of wages. That’s an important one–not only are box owners drying out and repairing, they are unable to operate their business. If you live in a danger zone, and you want me to customize policy just for you, I’d be happy to do it. I’ll find you the best coverage for the best price possible.
Thankfully, the acts of God aren’t a regular occurrence. Affiliate Guard writes many policies to protect from pipes bursting and air conditioners blowing up, but most roll the dice when it comes to a superstorm that dumps 14 feet of water in less than 24 hours. I wish there was something we could do after the fact, but that’s not how the insurance world operates. Once the storm was forecasted, I had numerous boxes reach out and try to get coverage–but it was too late. Underwriters would not let me add the coverage, at any price.
Have questions on your highest risks and what you should protect yourself against? Call me. Today. I won’t try to sell you anything you don’t need. If you’re in a flood zone, it makes sense to protect yourself. If not, I’d consider the age of your building and what has the greatest potential to go wrong. We’ll start with that.
Here for you, always. VV